President Joe Biden has created more tax loopholes than any president before him.
wants voters to believe his tax plans take from the rich to give to the poor, but in reality they rob us all to pay off the millionaires and billionaires who bankroll today’s , on Tuesday, where he returned to pretend he isn’t a money-larded creature of Washington, “are how we invest in the country.” Normally, this would be an absurd statement. Governments don’t invest in the economy; people do. But under Biden, the tax system has become a large vehicle for channeling investment.
Spending through the tax code isn’t a free lunch in which businesses get the capital they need to expand operations and investors get a smaller tax bill. But tax credits do not benefit all taxpayers equally. You need a big tax bill to benefit, and it is the wealthiest with the best lobbyists and tax lawyers who end up benefiting most from tax expenditures.
But he can’t get the numbers to add up enforcing an alternative minimum tax on the wealthy and also keeping the value of all the new tax breaks he creates. So in the Inflation Reduction Act, Biden solved this problem by exempting many of the new and expanded tax credits from his new alternative minimum tax. The result is a nominal higher tax rate for industries Biden doesn’t like and lower tax bills for those that support his campaign.
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